Originally posted by @Jesse Bowles :
Hey BP members, my name is Jesse, and I'm a inspiring investor. I recently looked into self storage, and I have noticed some investors repurpose old retail centers as climate controlled storage. I would love to network with someone that has experience in this field of investing. Preferably investors in New Jersey, but open for advice from out of state. I need advice on acquisition of the physical building, funding for converting the faculty to storage, and the legalities. I already know I want to use self serve kiosks in my business plan. Just looking to talk one on one with a expert.
What your talking about is called "Conversion" and can be a great way to go. It all hinges, as you would likely suspect, on being able to buy and repurpose the building for the right price. I don't have specific experience in NJ but do own storage from NY to Florida. Might be worth connecting. You are definitely on the right track. Its amazing how an ordinary thing like rent garages can produce such extraordinary investment results! I'll shoot you a PM so we can connect.
All the best,
@Jesse Bowles Hey Jesse, I'm not too familiar with repurposing but I've been looking into self-storage for some time. It's definitely a great asset class but I find it harder to break into than say multifamily or other commercial real estate. I think many owners are looking to start selling their properties since interest rates are continuing to rise so it might not be a bad time to start looking. If you ever want to talk about it more, feel free to message me, I live right in Toms River. I'm no expert but I enjoy discussing the topic. Good luck!